In many transactional situations, standard forms are provided, filled in, signed, distributed, and stored. FIG. 1 illustrates an example of the general process for the purchase of, for example, real estate in which a document vendor is used to generate closing documents. In preparation for the loan closing, the lender sends the information to the document vendor (which may be a different section of the lender or an internal system) (step 100). After the document vendor inserts the information into the appropriate closing forms (step 102), the lender receives them back from the document vendor (step 104) and send them to the closing agent (step 106). At closing, the documents are signed and the closing agent delivers them to the lender (step 108). The lender reviews the documents for accuracy via a “post close review” (step 110). During the post-close review, the documents (physical or image) signed by the borrower(s) are compared with the current system of record data (typically the Loan Origination System (“LOS”) to confirm that they match. If the signed documents are approved, the data and documents are eventually sent as separate files to a purchaser of the loan (step 112), which performs its own review of the documents (step 114) in a manner similar to that described with respect to step 110.
The lender must ensure that the data that is in its system of record, and that will be delivered separately to the purchaser of the loan, has remained consistent with the data that was used to create the documents that evidence the loan transaction. This check is performed to identify instances where either (1) the data was changed after creating the documents, which may be before or after the closing or (2) more than one document set was generated prior to closing the loan and there is a need to confirm that the correct document set was used to evidence the transaction.